Russian Visit Strengthens Ties With Iraq

(MENAFN- Iraq Business News)

By John Lee.

Iraqi President, Dr. Abdul Latif Jamal Rashid, received Russian Foreign Minister Sergey Lavrov and his accompanying delegation on Monday.

President Rashid highlighted the importance of enhancing economic cooperation between the two countries, pointing to the need for coordination and consultation on issues of common interest including security and peace in the region and across the world.

In 2021, trade between the two counties increased by 120 percent as compared with 2020 (from $120 million to $282 million), according to a statement from the Russian Foreign Ministry. Between January and November, 2022, trade grew by 47.5 percent on the same period in 2021 (from $258.5 million to $381.4 million).

Russia's lukoil , gazprom neft , Bashneft , and rosneft are implementing a number of major projects in Iraq.

Minister Lavrov said discussions in Iraq focussed on trade, economic and investment ties, adding that Russian oil companies have made investments of over $13 billion in Iraq, and that they have 'far-reaching plans with their Iraqi partners.'

(Sources: Russian Foreign Ministry, Office of the Iraqi President)

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